Financial updates for April 2024: Banks introduce new rules for credit cards

BNE News Desk

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New Delhi: As the 2024-25 financial year kicks off, alterations in spending and rewards policies have been announced by several banks to impact consumers.

Starting April 1, 2024, SBI Card will halt the accrual of reward points on rent payments for specific credit cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card, according to media reports. Moreover, the accumulation of reward points on rent payments for certain credit cards will conclude by April 15, 2024.

Moreover, SBI is set to revise the annual maintenance charges for certain debit cards effective April 1, 2024.

The adjustment involves an increase in charges, with rates rising to Rs. 200/+ GST for Classic, Silver, Global, and Contactless Debit Cards, up from the current Rs.125/+GST. 

Similarly, for cards such as Yuva, Gold, Combo Debit Card, and My Card (Image Card), the annual maintenance charges will increase to Rs. 250/+ GST from Rs.175/+ GST.

In line with regulatory changes, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated the digitalization of all insurance policies, effective April 1. This directive encompasses health, life, and general insurance policies and would compel insurers to issue policies exclusively online.

Furthermore, leading banks have announced revisions to lounge access policies. Effective April 1, 2024, ICICI Bank will offer one complimentary airport lounge access upon spending Rs 35,000 in the preceding calendar quarter.

Similarly, YES Bank credit cardholders spending Rs 10,000 or more in a calendar quarter will qualify for complimentary domestic lounge access starting April 1, 2024.

Additionally, spending on fuel, insurance, and gold or jewelry will no longer qualify for basic or expedited EDGE REWARD points, with spends in these categories excluded from the threshold for annual fee waivers.

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BNE News Desk